Posts Tagged foreclosure

– Springfield Landmarks Preservation Trust filed for Chapter 11 bankruptcy at 4:45 pm today to stop the foreclosure sale of Gillioz Theatre scheduled for December 31 at 2pm tomorrow. This was the only thing that Springfield Landmarks Preservation Trust could do to stop the foreclosure sale because all their efforts to negotiate with Guaranty Bank have failed.

Today, an offer was made to Guaranty Bank to stop foreclosure, but the bank replied with a counter-offer that even a half million dollars in donations would not help stop the foreclosure. After the bank’s counter offer, Springfield Landmarks filed for bankruptcy at the U.S. Bankruptcy Court.

Gillioz Theatre was renovated for 16 years and finally re-opened in 2006. However, the owners of the theater were delinquent on payments on the $4.3 million loan for over 2 1/2 years. Since December 15, they tried to raise donations to help save the theater.

Income from ticket sales at Gillioz and $2.4 million in Historic Preservation Tax Credits from the state were relied upon to repay the loan. But the slowdown of the economy reduced sales and the state did not approve $1 million of the tax credits because parts of the renovation work were completed by a not-for- profit company.

– Freddie Mac and Fannie Mae, the largest government run mortgage companies, have declared that they will freeze all evictions for foreclosures on mortgages from December 20th through January 3rd.

When homeowners default on mortgage payments and a bank takes possession of their house or it is sold at a foreclosure auction the homeowners have to vacate or are faced with eviction notices.

“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays,” said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.

Recent bank repossessions of homes have been around 100,000 a month, and this little temporary reprieve will potentially affect thousands and thousands of borrowers that are in default.

“Bank of America’s practice in recent years [is to hold off on] foreclosure sales or evictions from late December through New Year’s Day on loans held in our investment portfolio or that are owned by investors who give the bank delegated authority,” said spokesman for Bank of America Rick Simon.

– John Foster, with ReMax Greater Atlanta has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area has lots of “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With decreased property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

The Alpharetta, Johns Creek, Suwanee and Cumming areas, have a growing number of homes are in danger of foreclosing. It happens in all price ranges – even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Foster. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors? such as John Foster with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales and Foster is glad he put in the time and effort to obtain that designation. Shortly, John Foster will roll out a website specifically related to helping homeowners facing foreclosure.